DA Davidson Boosts Planet Fitness (NYSE:PLNT) Price Target to $110.00

Planet Fitness (NYSE:PLNT) had its price objective lifted by DA Davidson from $105.00 to $110.00 in a research note released on Wednesday morning, The Fly reports. The brokerage currently has a buy rating on the stock. DA Davidson also issued estimates for Planet Fitness’ Q4 2021 earnings at $0.22 EPS, FY2021 earnings at $0.79 EPS and FY2022 earnings at $1.65 EPS.

A number of other brokerages have also weighed in on PLNT. Cowen raised shares of Planet Fitness from a market perform rating to an outperform rating and boosted their price objective for the company from $92.00 to $100.00 in a report on Tuesday, December 14th. BMO Capital Markets boosted their price objective on shares of Planet Fitness from $80.00 to $96.00 and gave the company an outperform rating in a report on Monday, November 15th. Morgan Stanley boosted their price objective on shares of Planet Fitness from $101.00 to $106.00 and gave the company an overweight rating in a report on Wednesday. TheStreet raised shares of Planet Fitness from a c rating to a b- rating in a report on Thursday, November 4th. Finally, Robert W. Baird boosted their price objective on shares of Planet Fitness from $100.00 to $110.00 and gave the company an outperform rating in a report on Friday, November 5th. They noted that the move was a valuation call. Three analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Planet Fitness presently has an average rating of Buy and a consensus target price of $100.17.

Shares of PLNT stock opened at $86.78 on Wednesday. The business’s fifty day simple moving average is $88.66 and its 200-day simple moving average is $81.32. The company has a market cap of $7.52 billion, a PE ratio of 154.96, a PEG ratio of 2.64 and a beta of 1.21. Planet Fitness has a 12-month low of $67.89 and a 12-month high of $99.60.

Planet Fitness (NYSE:PLNT) last issued its quarterly earnings results on Thursday, November 4th. The company reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.08. The business had revenue of $154.30 million for the quarter, compared to the consensus estimate of $134.79 million. Planet Fitness had a negative return on equity of 9.30% and a net margin of 8.51%. The business’s quarterly revenue was up 46.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.02 earnings per share. As a group, sell-side analysts forecast that Planet Fitness will post 0.82 earnings per share for the current year.

In other news, CEO Christopher Rondeau sold 150,000 shares of the stock in a transaction dated Monday, November 8th. The shares were sold at an average price of $96.07, for a total transaction of $14,410,500.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 6.41% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Royal Bank of Canada raised its position in shares of Planet Fitness by 0.8% during the 3rd quarter. Royal Bank of Canada now owns 17,076 shares of the company’s stock worth $1,342,000 after purchasing an additional 141 shares during the last quarter. Arizona State Retirement System raised its position in shares of Planet Fitness by 0.7% during the 3rd quarter. Arizona State Retirement System now owns 22,669 shares of the company’s stock worth $1,781,000 after purchasing an additional 156 shares during the last quarter. Asset Management One Co. Ltd. raised its position in shares of Planet Fitness by 14.0% during the 3rd quarter. Asset Management One Co. Ltd. now owns 1,494 shares of the company’s stock worth $117,000 after purchasing an additional 183 shares during the last quarter. CIBC Asset Management Inc raised its position in shares of Planet Fitness by 7.7% during the 3rd quarter. CIBC Asset Management Inc now owns 3,414 shares of the company’s stock worth $268,000 after purchasing an additional 243 shares during the last quarter. Finally, Liberty Wealth Management LLC raised its position in shares of Planet Fitness by 388.6% during the 3rd quarter. Liberty Wealth Management LLC now owns 342 shares of the company’s stock worth $29,000 after purchasing an additional 272 shares during the last quarter. 96.38% of the stock is currently owned by institutional investors and hedge funds.

Planet Fitness Company Profile

Planet Fitness, Inc engages in the operation and franchising of fitness centers. It operates through the following segments: Franchise, Corporate-Owned Stores, and Equipment. The Franchise segment includes operations related to the company’s franchising business in the United States, Puerto Rico, Canada, the Dominican Republic, Panama, Mexico, and Australia.

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